CCES 2016/2017 Budget Information & Financial Statistics

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1 FINANCIAL Budget Fiscal Year 2016/2017 Income: $21 million (reflects financial assistance reductions) Budget Fiscal Year 2016/2017 Expenses: $21 million (includes maintenance & other reserves) Budget Fiscal Year 2016/2017 Net Tuition Income: $17.6million (total tuition & fees net of financial assistance and discounts) Reductions: Financial Assistance: $1,891,592 (includes Needs Based Financial Aid, Headmaster Scholarships, Cavalier Scholarships, and Endowed Scholarships) Pre-payment discount: $ 283,975 (includes Christ Church tuition discounts) Net Tuition covers approximately 84% of operating expenses (excluding reserves). INDEX average is 78% as of 2014/2015 school year (most recent data available). INDEX was established in 1993 to serve selected research, planning, and information needs of its member institutions. The Large School Group is comprised of 50 independent day schools located throughout the nation that enroll 750 or more students from K through Grade 12. Average 2016/2017 budgeted CCES operating expense per student: $19,245; INDEX: $26,018 as of 2014/2015 school year. CCES 2014/2015 actual operating expense per student was the second lowest of all INDEX schools on a nominal basis and the sixth lowest when cost is standardized to a median cost of living for purposes of comparison. 1 9/23/16

2 Income from philanthropy helps make up difference between tuition and expenses: (about 6% of expenses) Annual Giving $ 750,000 Endowment & Trusts $ 485,167 Student Activities and Auxiliary Income: * Yearbook and Music/Drama $ 22,600 Summer & Afternoon Encounters $ 568,000 Bookstore $ 147,000 Shuttle from Anderson $ 12,000 After-School Care: $ 42,000 BMW Manufacturing Reimbursement $ 354,895 * Expenses incurred to generate income 2 9/23/16

3 Financial Assistance: 2016/2017 budgeted Financial Assistance (including Needs Based Financial Aid, Headmaster Scholarships, Cavalier Scholarships, and Endowed Scholarships) has decreased by approximately $54.6K from previous year to $1,891,592. This budgeted Financial Assistance amount equates to 9.5% of gross tuition income (prior to financial aid and discount reductions) vs. INDEX 11.8% of gross tuition income (prior to financial aid and discount reductions). For students receiving 2016/2017 Needs Based Financial Aid, the average award as a percentage of tuition is 52% as compared to 62.1% as reported by INDEX for the 2015/2016 school year. All awards begin with outsourced need analysis by School and Student Services (SSS), an agency owned by the National Association of Independent Schools and operated by Educational Testing Service. 179, or 16.4% of the student body, receives needs based financial assistance as compared to 187, or 16.5% last year. The investment of needs based financial assistance produces 179 tuition paying students, who return 88 cents on every dollar invested; therefore $1,500,526 comes back as income. Furthermore, with the average tuition of $18,123 the average needs based financial assistance recipient receives $9,518 of needs based financial assistance and pays $8,605 tuition. Salaries and benefits represent 74.9% of CCES expense (including Tuition Remission benefits provided to employees). Faculty and administration salaries increased by 3% in the 2016/2017 school year. 3 9/23/16

4 Based on a budgeted 1093 students attending opening day If we operated on a full-cost tuition basis, we would have to charge an additional $3,113 per student (the equivalent of a 16% tuition increase). In a sense, philanthropy is a tax deductible way to defray tuition cost. Tuition increase for 2016/2017 school year = 2.81%. 1% of net tuition increase per year yields about $176,000 tuition income (net of financial assistance and discounts). Thus, 3% = $528,000 gross income. Each percentage of salary increase = $115,103. Average cost per hour of a CCES education (min hours 1100, rises to 1500) is about $13.94 an hour. Average full-time teacher salary = $53,574 (does not include staff or administration; does not include benefits see below). Average Experience of our teachers = 17.2 years. Average salary computes to $35.06 an hour, absent time for preparation, grading, and required attendance at events. Benefits Average about 30% of salaries. CCES covers full premium on medical insurance for employees who are at least.75-fulltime. Spouse, children, or full family can be covered, however, employee pays full amount of premium for dependents. Health Savings Account is available and approximately 63% of eligible employees enroll. 5% non-contributory retirement contribution with up to a 4% match. Tuition Remission per 2016/2017 Budget: $730,825 (faculty and staff professional courtesy discount). 4 9/23/16

5 ANNUAL GIVING Annual Giving represents 3.6% of school operating budgeted expenses (INDEX average: 5.7 % of expenses as of 2014/2015 school year). 3.6% of a student s education that did not need to be curtailed, cut, or added to tuition cost. 3.6% of operating budget funded by tax-deductible contributions. Examples of what 3.6% of $21 million, or $750,000 means to CCES: Academics - professional development, laptops for teachers, computers for libraries. Athletics - materials and equipment for all athletic programs. Arts - materials and equipment for Visual Arts and Music departments; new Digital Media classes; Performing Arts. Other - two new activity busses. ENDOWMENT $12.8 million dollars ($10.5 million controlled by school; $2.3 million controlled externally). Endowment per CCES student: $11,667; Endowment per INDEX student: $31,715 as of 2014/2015 school year. Endowment per CCES student minus debt: $11,667 (school has no long term debt as of June 30, 2016); Endowment per INDEX student minus debt: $18,875 as of 2014/2015 school year. Endowment as a multiple of operating expense (excluding financial aid): 0.73; INDEX: 1.27 as of 2014/2015 school year. 5 9/23/16